[1mm Finance Talk] Only Prepared Remarks, a Cautious Yet Active Approach... Lee Chanjin's Leadership at the FSS

Cautious in Public, Engaged in Private
Speaks Only After Listening and Careful Deliberation
Some Express Concerns About Potential Strained Relationships

"I will speak according to the prepared remarks."

Lee Chanjin, Governor of the Financial Supervisory Service (second from right), is delivering opening remarks at the 'Governor of Financial Supervisory Service-Bank Presidents Meeting' held on the 28th at the Bankers Hall in Jung-gu, Seoul. From left: Yoon Hoyoung, CEO of Kakao Bank; Kim Taehan, President of Gyeongnam Bank; Lee Hwanjoo, President of Kookmin Bank; Governor Lee; and Jung Sanghyuk, President of Shinhan Bank. 2025.8.28 Photo by Kang Jinhyung

This was the first statement made by Lee Chanjin, Governor of the Financial Supervisory Service, at the meeting with bank presidents held on the 28th at the Bankers Hall in Jung-gu, Seoul. After entering, he read from a pre-prepared script for about nine minutes. Only the script was on his desk, and it contained messages that had been disclosed in advance, such as consumer protection and a strict response to financial crimes.

While he was cautious in official settings with the media, his closed-door discussions with the bank presidents were deeper and longer than expected. Governor Lee arrived five minutes earlier than the scheduled start time of 3:00 p.m. Most of the 22 bank presidents, vice presidents, and executive directors were already present, and including a brief chat, the meeting began ahead of schedule.

The meeting, which started five minutes early, ended 25 minutes later than planned. In the closed-door session that lasted about one hour and eight minutes from 3:17 p.m., around 20 bank presidents each spoke for two to three minutes, and Governor Lee listened attentively to every comment. It was reported that there were many requests related to capital regulations, such as the easing of risk-weighted assets (RWA). However, regarding current issues such as the fine on equity-linked securities (ELS), he did not provide specific guidelines, instead stating, "I will deliver a message after sufficient review."

His cautiousness was also evident in his interactions with reporters. As he entered the conference room, he was asked about the ELS fine but did not respond, and when leaving, he only replied, "Later," to the question of what was discussed during the meeting.

The bank presidents were also reserved in their remarks. Right after the meeting, Lee Hwanjoo, President of KB Kookmin Bank, Jung Sanghyuk, President of Shinhan Bank, and Choi Woohyung, President of K Bank, were asked questions but remained silent. Kim Sungtae, President of IBK Industrial Bank of Korea, simply said, "There was no discussion on current issues such as the ELS fine." Cho Yongbyung, Chairman of the Korea Federation of Banks, briefly answered, "It was exactly as stated in the press release."

On the 28th, Lee Chanjin, the Financial Supervisory Service (FSS) Governor, made opening remarks at a meeting with bank presidents held at the Banking Hall in Jung-gu, Seoul, reading only from a prepared script. The persons opposite Governor Lee are Eunmi Lee, Toss Bank President (from left), Byungwoo Hwang, iM Bank President, Hakgi Shin, Sh Suhyup Bank President, Taeyoung Kang, NH Nonghyup Bank President, and Hoseong Lee, Hana Bank President. Photo by Chae Seok Moon

Prepared Messages, a Cautious Yet Active Approach

Governor Lee has decided not to hold media briefings immediately after official events for the time being. This indicates his intention to deliver prepared messages only after thoroughly understanding the issues at hand. It is interpreted as a principle to avoid making hasty remarks that could cause unnecessary ripples in the financial market. The fact that the contents of an internal executive meeting were leaked just two weeks after his inauguration, leading to criticism of 'lack of leadership,' is also cited as a reason for his increased caution. Furthermore, as he is known to be a close aide to President Lee Jaemyung, it is analyzed that he is being careful with his words and actions, conscious of possible political interpretations.

It is expected that Governor Lee will continue to refrain from speaking to the media, instead pursuing a 'cautious yet active' approach by engaging in in-depth discussions with internal staff and figures in the financial sector. This is seen as a clear departure from the style of his predecessor, Lee Bokhyun, who actively delivered messages through media briefings.

There are mixed evaluations regarding this approach. Within the Financial Supervisory Service, some view positively the strategy of presenting only refined messages outwardly while focusing on understanding current issues internally. Employees are reportedly hopeful about the Governor, who is accelerating his grasp of issues-even working overtime-to shed the label of 'non-expert.'

On the other hand, some in the financial sector have expressed concerns that if this overly cautious stance continues even after the meeting, the National Assembly audit, internal executive appointments, and organizational restructuring, it could lead to unnecessary speculation and rumors, and relationships may become rigid. Just like the bank presidents who remained silent on this day, it is likely that the heads of insurance, savings banks, securities, big tech (large information technology companies), credit card, and virtual asset sectors will also refrain from making comments in the future.

One financial industry official said, "There is a perspective that, conscious of the previous governor's bold communication style, Governor Lee is instead drawing a line when it comes to dialogue with the media and outsiders." In response, a Financial Supervisory Service official close to Governor Lee cautioned against overinterpreting, saying, "As it is still early in his tenure, there is a lot of work and long hours with the Governor, but it is too soon to define his character or style." The official added, "However, as is well known, he does tend to listen thoroughly and make decisions only after forming his own opinion, but it does not seem that he is acting with any particular individual in mind."